SELF EMPLOYED
PENSION POLICY 

Would be a work in progress to end complexities

SELF EMPLOYED AND NATIONAL INSURANCE 

  • Class 4 National Insurance credits for profits below £15,230.
  • Class 4 National Insurance contributions of 5.85 per cent on profits between £15,230 and £71,270.
     
  • Class 4 National Insurance contributions of 10 per cent on profits over £71,271.

Background April 2024 current Class 4 NIC rates
  • Class 4 - 6% on profits between £12,570 and £50,270
  • 2% on profits over £50,270

  • It is up to our party's tax accountant consultants, to simplify company tax system so are real world tax bills each year for self-employed. 

Background 

          • There are 3mn self-employed workers earning over £10,000 annually.

          • the share of self-employed workers saving into a (private) pension has plummeted from 48 per cent in 1998 to 16 per cent in 2018.

          • While only 1 per cent of low earners are saving enough to achieve a decent minimum living standard in retirement. (With private pensions). 

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